The company's plan also calls for 30% productivity increase at its factories by 2025.

"One aim of the Volkswagen Group’s strategy is to speed up the pace of innovation," said Herbert Diess, chief executive of Volkswagen AG.

The company continues its discussions with Ford about a possible collaboration on a commercial light vehicle that may be a cargo van, and the companies have identified several other areas where they could form a partnership.

The company expects the fallout of its diesel emissions scandal to continue to "impact cash outflows in planning years 2019 and 2020," according to a release.

Electric

Workhorse Group Inc. has appointed Robert Willison, former company director of research and development, to COO. Willison's appointment follows the recently announced promotion of Duane Hughes to Workhorse CEO.

Electrify America is investing $300 million toward the investments of electric vehicle charging infrastructure and technology where the technologies needs are greatest and where it will most likely be regularly used.